BidaskClub downgraded shares of PacWest Bancorp (NASDAQ:PACW) from a hold rating to a sell rating in a research report released on Tuesday morning.
Other equities research analysts have also issued reports about the stock. Sandler O’Neill reissued a buy rating and set a $59.00 target price on shares of PacWest Bancorp in a research note on Monday. Zacks Investment Research raised shares of PacWest Bancorp from a hold rating to a buy rating and set a $55.00 target price on the stock in a research note on Wednesday, March 28th. UBS Group raised shares of PacWest Bancorp from a market perform rating to a strong-buy rating in a research note on Tuesday, April 10th. Raymond James raised shares of PacWest Bancorp from a market perform rating to a strong-buy rating in a research note on Tuesday, April 10th. Finally, ValuEngine lowered shares of PacWest Bancorp from a buy rating to a hold rating in a research note on Tuesday, March 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $55.64.
PacWest Bancorp opened at $50.07 on Tuesday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.92 and a quick ratio of 0.92. PacWest Bancorp has a fifty-two week low of $43.08 and a fifty-two week high of $55.86. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 1.37 and a beta of 1.46.
PacWest Bancorp (NASDAQ:PACW) last posted its earnings results on Tuesday, April 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. PacWest Bancorp had a net margin of 32.53% and a return on equity of 8.34%. The business had revenue of $295.06 million for the quarter, compared to analyst estimates of $288.49 million. During the same period in the prior year, the company posted $0.65 EPS. research analysts expect that PacWest Bancorp will post 3.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Monday, May 21st were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 18th. This is a positive change from PacWest Bancorp’s previous quarterly dividend of $0.50. This represents a $2.40 dividend on an annualized basis and a yield of 4.79%. PacWest Bancorp’s dividend payout ratio (DPR) is currently 82.19%.
In other PacWest Bancorp news, insider James Pieczynski sold 60,000 shares of the stock in a transaction dated Thursday, May 3rd. The shares were sold at an average price of $51.14, for a total value of $3,068,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stanley R. Ivie sold 3,900 shares of the stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $51.98, for a total transaction of $202,722.00. Following the completion of the sale, the executive vice president now owns 57,813 shares of the company’s stock, valued at approximately $3,005,119.74. The disclosure for this sale can be found here. Insiders sold a total of 82,500 shares of company stock worth $4,287,785 over the last ninety days. 1.01% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Suntrust Banks Inc. raised its holdings in PacWest Bancorp by 1.9% in the 4th quarter. Suntrust Banks Inc. now owns 54,746 shares of the financial services provider’s stock valued at $2,758,000 after acquiring an additional 1,024 shares during the last quarter. OppenheimerFunds Inc. increased its holdings in shares of PacWest Bancorp by 3.1% during the 4th quarter. OppenheimerFunds Inc. now owns 42,243 shares of the financial services provider’s stock worth $2,129,000 after buying an additional 1,268 shares during the last quarter. First Mercantile Trust Co. increased its holdings in shares of PacWest Bancorp by 94.1% during the 1st quarter. First Mercantile Trust Co. now owns 2,651 shares of the financial services provider’s stock worth $131,000 after buying an additional 1,285 shares during the last quarter. Citigroup Inc. increased its holdings in shares of PacWest Bancorp by 9.4% during the 1st quarter. Citigroup Inc. now owns 17,389 shares of the financial services provider’s stock worth $861,000 after buying an additional 1,489 shares during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. increased its holdings in shares of PacWest Bancorp by 4.9% during the 4th quarter. Liberty Mutual Group Asset Management Inc. now owns 32,877 shares of the financial services provider’s stock worth $1,657,000 after buying an additional 1,523 shares during the last quarter. Institutional investors own 86.36% of the company’s stock.
About PacWest Bancorp
PacWest Bancorp operates as the holding company for Pacific Western Bank, a state chartered bank that provides commercial banking products and services. The company accepts demand, money market, and time deposits. It also provides real estate loans to professional developers and real estate investors for the acquisition, refinancing, and construction of commercial real estate properties; small business administration loans; asset-based loans for working capital needs; venture capital loans to support the start-up operations of entrepreneurial companies; and equipment-secured loans and leases.
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